11,081 Shares of Cirrus Logic, Inc. $CRUS Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 11,081 shares of the semiconductor company’s stock, valued at approximately $1,329,000.

A number of other large investors also recently added to or reduced their stakes in CRUS. BlackRock Inc. bought a new position in shares of Cirrus Logic in the 2nd quarter valued at about $840,638,000. Bank of America Corp DE acquired a new stake in shares of Cirrus Logic during the 2nd quarter worth approximately $168,329,000. Caisse de depot et placement du Quebec acquired a new position in Cirrus Logic in the second quarter valued at approximately $61,500,000. Bank of New York Mellon Corp acquired a new position in Cirrus Logic in the second quarter valued at approximately $55,562,000. Finally, Empowered Funds LLC lifted its holdings in Cirrus Logic by 5,275.0% in the first quarter. Empowered Funds LLC now owns 211,454 shares of the semiconductor company’s stock valued at $30,580,000 after buying an additional 207,520 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Susquehanna reduced their price objective on shares of Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Weiss Ratings downgraded Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Barclays lowered Cirrus Logic from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $130.00 to $95.00 in a research report on Tuesday, October 20th. Finally, KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $147.50.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the sale, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. This trade represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,498 shares of company stock valued at $401,850 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $113.58 on Friday. The stock has a market cap of $5.69 billion, a PE ratio of 14.34 and a beta of 1.23. The stock has a 50-day moving average of $114.25 and a 200-day moving average of $138.17. Cirrus Logic, Inc. has a one year low of $105.10 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.28. The business had revenue of $559.46 million for the quarter, compared to analyst estimates of $540.37 million. Cirrus Logic had a net margin of 20.20% and a return on equity of 19.77%. Cirrus Logic’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.83 EPS. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 7.20 earnings per share for the current year.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.